About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

B-133227 1 (1976-09-18)

handle is hein.gao/gaobadczl0001 and id is 1 raw text is: 0 ~ THE COMPTROLLER GENERAL DE*ISION . . OF THE UNITEO STATES WASHINGTON, D.C. 20548 FILE: B-133227 DATE: SEP 13 1976 MATTER OF: Securities registration fees for mutual funds. DIG3ESTEven though Securities and Exchange Commission finds that open-end management companies (i.e., mutual funds) currently incur security registration fees disproportionate to their size and that they rationally can be distinguished from other companies registering for public offerings of securities, we are not aware of any authority for the Cormission to issue regulations which would, in effect, waiva statutory registration fee imposed by section 6(b) of Securities Act of 1933, 15 U.S-^. § 77f(b), with respect to that dollar amount of newly issued securities which merely replace securities redeemed during preceding year. We have been asked by the General Counsel, Securities and Exchange Commission for our opinion concerning the adoption of a rule which would, in certain limited circumstances, waive the registration fee prescribed in section 6(b) of the Securities Act of 1933, as amended, Pub. L. No. 73-22, Ch. 38, title I, 48 Stat. 74, 15 U.S.C. § 77f(b) (1970). Section 6(b), 15 U.S.C. S 77f(b), provides: At the time of filing a registration statement the applicant shall pay to the Commission a fee of one-fiftieth of 1 percentum of the maximum aggregate price at which such securities are proposed to be offered, but in no case shall such a fee be less than $100. The Commission is considering-promulgating a regulation prescribing a different means of calculating the registration fee for open-end management companies, commonly known as mutual funds. Under the Invest- ment Company Act of 1940, as amended, Pub. L. No. 76-768, Ch. 686, title I, 54 Stat. 789, 15 U.S.C. § 80a-1, et seq., open-end management companies are a type of investment company offering redeemable securities. See 15 U.S.C. § .80a-3(a), 80a-4(3) and 80a-5(a)(1). Open-end management companies are constantly issuing new shares to the public and therefore, are continuously in registration. These companies also continuously - 1 -

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most